Africa’s electric mobility landscape has reached a new milestone as Spiro, a leading e-mobility firm, announced a record-breaking $100 million investment the largest ever secured in the continent’s two-wheel electric mobility sector.
By Rosemary Joseph | Updated October 22, 2025
Africa’s electric mobility landscape has reached a new milestone as Spiro, a leading e-mobility firm, announced a record-breaking $100 million investment the largest ever secured in the continent’s two-wheel electric mobility sector.
The company revealed on Tuesday that the funding round includes $75 million from The Fund for Export Development in Africa (FEDA), the development impact arm of the African Export-Import Bank (Afreximbank). The investment reinforces Spiro’s mission to deliver affordable, clean, and accessible transportation solutions across Africa.
According to Spiro CEO, Kaushik Burman, Africa is undergoing a profound shift in personal mobility as riders increasingly transition from internal combustion motorcycles to efficient, battery-swapping electric alternatives.
“This landmark $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility,” Burman stated.
The new capital will enable Spiro to expand its battery-swapping network, enhance its technology platform, and accelerate deployment of over 100,000 electric vehicles by the end of 2025, further solidifying its leadership in the region’s electric mobility market.
Professor Benedict Oramah, President of Afreximbank and Chairman of FEDA’s Board, emphasized that the partnership reflects Afreximbank’s broader commitment to building a sustainable mobility ecosystem in Africa.
“Together, we are laying the groundwork for a new era of intra-African trade and industrialization by stimulating local vehicle manufacturing, strengthening regional integration, and creating skilled jobs,” Oramah said.
Founded in 2022, Spiro currently operates the largest and fastest-growing battery-swapping network in Africa, with active operations in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, alongside pilot projects in Tanzania and Cameroon.
Before this round, Spiro had raised over $180 million from Equitane and Société Générale, fueling its early expansion across the continent.
Gagan Gupta, Spiro’s Founder, noted that the partnership with FEDA would further accelerate the company’s mission to revolutionize energy storage and distribution in Africa.
“As we expand our infrastructure and integrate renewable energy sources, we are positioned to unlock significant value in Spiro’s energy distribution ecosystem,” Gupta remarked.
FEDA CEO, Marlene Ngoyi, hailed Spiro’s success as proof of the growing demand for affordable and sustainable transport solutions across Africa.
“Spiro’s model is both commercially viable and socially impactful, setting a strong precedent for Africa’s transition to clean mobility,” Ngoyi added.
With this latest investment, Spiro cements its position as Africa’s largest electric mobility company, operating the continent’s most extensive and fastest-growing battery-swapping network for electric two-wheelers paving the way for a cleaner, smarter, and more connected future of transportation.
